spook of the ozarks

unapologetic liberal

Wednesday, October 26, 2005

Big Oil rakes in the windfall profits

Spends a little of it on PR campaign. The Post:

Now, even as high gasoline prices continue to anger motorists and aggravate financial problems at General Motors Corp. and Ford Motor Co., the oil companies have begun to report record quarterly profit. Yesterday, British energy giant BP PLC reported a $6.53 billion third-quarter profit, up from $4.87 billion in the same period last year. And tomorrow, analysts expect Exxon Mobil Corp. to show that it earned nearly $9 billion over the past three months -- the largest corporate quarterly profit ever.


The API's guy says, "[M]ost consumers and lawmakers do not fully grasp how the energy industry works and why prices go up and down at the pumps." Yeah, right. "The largest corporate quarterly profit ever" is not that hard to grasp, dude.

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